Dubai Developer Looks to Capitalize on Ramadan Rush and Brexit

Emaar Properties has launched sales of new Dubai apartments and mansions at London’s Harrods department store

By Kathryn HopkinsOriginally published on July 05, 2016|Mansion Global|

Every year, super wealthy Middle Easterners from the likes of Saudi Arabia, Kuwait and Qatar descend on London, not only to celebrate the end of Ramadan with family and friends by feasting and partying, but also with the aim of spending an extraordinary amount of cash.

The so-called “Ramadan rush”, which begins Wednesday, often leads to a spike in spending at the likes of Harrods and Selfridges, and in many cases requires high-end stores and five star hotels to recruit more Arabic-speaking staff.

And now even property developers are trying to get a slice of the action. Emaar Properties, a Dubai-based developer, is using the famous Harrods department store in Knightsbridge this week to launch the sale of lateral apartments in the new II Primo skyscraper scheme.

Each of these 119 lateral apartments within a 77-story-residential tower in the Opera district in downtown Dubai will occupy either half or an entire floor. They will stretch between 4,979 square feet and 10,842 square feet, with prices starting from £3.5 million ($4.7 million).

At the same time, Emaar is also launching sales of homes at Dubai Hills Estate at the store, which will have its own Mediterranean microclimate, created from a vast greening/planting scheme.

“The launch in London of the Il Primo and Dubai Hills Estates projects by Emaar in Harrods this week has been timed to coincide with the end of Ramadan Eid celebrations,“ said Simon Barry, new developments director at Harrods Estates.

“It always brings an influx of high net worth families and friends from the Gulf and Asia into London to party, feast and celebrate the end of the annual fasting period. This launch and the London Emaar exhibition neatly captures this market.”

Emmar is also hoping to capitalize on the Brexit vote. While there will be some wealthy international investors looking to scoop up bargains in London, thanks to the fall in sterling, others will want to search for property in countries they deem to be safe havens.

“Brexit has caused huge uncertainty across Europe, and I think Dubai could be a big winner out of this, offering global wealth a safe haven and positioning itself as the London of the Middle East,” Mr. Barry said.